Brian L. Roberts, Chairman and Chief Executive Officer of Comcast
Corporation, said, "We continue to see strong momentum across our cable
and content businesses. In Cable, we posted the best second quarter
customer results for both video and high-speed Internet in six years and
saw tremendous demand for our X1 product, which is a truly
transformative experience. We are also pleased with the continued rapid
growth of business services, which has quickly become an important
engine for the company. NBCUniversal had another excellent quarter with
double-digit operating cash flow growth driven by solid results in each
segment and a first place finish for NBC for the 2013/2014 broadcast
television season."

Earnings per Share (EPS) for the second quarter of 2014
was $0.76, a 16.9% increase from the $0.65 reported in the second
quarter of 2013. Excluding a gain on the sale of an investment and
transaction-related costs in the second quarter of 2014, EPS increased
15.4% to $0.75 (see Table 4).

EPS for the six months ended June 30, 2014 was $1.47, a 23.5% increase
from the $1.19 reported in the prior year. Excluding gains on the sales
of investments, a favorable resolution of a prior acquisition
contingency and transaction-related costs in the first six months of
2014, as well as a gain on the sale of wireless spectrum licenses in the
first quarter of 2013, EPS increased 23.3% to $1.43 (see Table 4).

Capital Expenditures increased 19.4% to $1.8 billion in
the second quarter of 2014 compared to the second quarter of 2013. Cable
Communications' capital expenditures increased $253 million, or 20.4%,
to $1.5 billion in the second quarter of 2014, primarily reflecting
increased spending on customer premise equipment related to the
deployment of the X1 platform and Cloud DVR, as well as our investment
in network infrastructure to increase network capacity. Cable capital
expenditures represented 13.5% of Cable revenue in the second quarter of
2014 compared to 11.9% in last year's second quarter. NBCUniversal's
capital expenditures increased $38 million, or 14.3%, to $298 million in
the second quarter of 2014, primarily reflecting increased investments
in Theme Parks and facilities.

For the six months ended June 30, 2014, capital expenditures increased
13.2% to $3.2 billion compared to the prior year. Cable Communications
capital expenditures increased $304 million, or 13.0%, to $2.6 billion
and represented 12.1% of Cable revenue compared to 11.3% in 2013.
NBCUniversal's capital expenditures increased $66 million, or 12.5%, to
$589 million for the first six months of 2014.

Free Cash Flow decreased 40.7% to $1.2 billion in the
second quarter of 2014 compared to $1.9 billion in the second quarter of
2013, reflecting increased working capital, mainly driven by higher film
and TV production spend, as well as increased capital expenditures and
cash taxes on operating items, partially offset by growth in
consolidated operating cash flow. Free cash flow for the six months
ended June 30, 2014 decreased 21.8% to $4.0 billion compared to $5.1
billion in 2013.

2nd Quarter

Year to Date

($ in millions)

2013

2014

Growth

2013

2014

Growth

Operating Cash Flow

$5,425

$5,804

7.0

%

$10,459

$11,342

8.4

%

Capital Expenditures

(1,506

)

(1,798

)

19.4

%

(2,867

)

(3,246

)

13.2

%

Cash Paid for Capitalized Software and Other Intangible Assets

(262

)

(260

)

(0.8

%)

(444

)

(477

)

7.4

%

Cash Interest Expense

(515

)

(541

)

5.0

%

(1,132

)

(1,164

)

2.8

%

Cash Taxes on Operating Items

(1,347

)

(1,570

)

16.6

%

(1,541

)

(1,838

)

19.3

%

Changes in Operating Assets and Liabilities

49

(638

)

NM

418

(905

)

NM

Noncash Share-Based Compensation

111

147

32.4

%

213

266

24.9

%

Distributions to Noncontrolling Interests and Dividends for

Redeemable Subsidiary Preferred Stock

(67

)

(51

)

(23.9

%)

(116

)

(117

)

0.9

%

Other

60

62

3.3

%

96

118

22.9

%

Free Cash Flow3

$1,948

$1,155

(40.7

%)

$5,086

$3,979

(21.8

%)

NM=comparison not meaningful.

Dividends and Share Repurchases. During the second quarter
of 2014, Comcast paid dividends totaling $585 million and repurchased
15.0 million of its common shares for $750 million. In the first six
months of 2014, Comcast has repurchased 29.9 million of its common
shares for $1.5 billion. As of June 30, 2014, Comcast had approximately
$6.0 billion available under its share repurchase authorization.

Cable Communications

2nd Quarter

Year to Date

($ in millions)

2013

2014

Growth

2013

2014

Growth

Cable Communications Revenue

Video

$5,175

$5,239

1.2

%

$10,288

$10,417

1.3

%

High-Speed Internet

2,569

2,819

9.7

%

5,092

5,569

9.4

%

Voice

910

922

1.3

%

1,810

1,842

1.7

%

Business Services

788

965

22.4

%

1,529

1,882

23.1

%

Advertising

558

599

7.5

%

1,046

1,118

6.9

%

Other

467

485

3.9

%

919

958

4.4

%

Cable Communications Revenue

$10,467

$11,029

5.4

%

$20,684

$21,786

5.3

%

Cable Communications Operating Cash Flow

$4,335

$4,564

5.3

%

$8,554

$8,964

4.8

%

Operating Cash Flow Margin

41.4

%

41.4

%

41.4

%

41.1

%

Cable Communications Capital Expenditures

$1,240

$1,493

20.4

%

$2,334

$2,638

13.0

%

Percent of Cable Communications Revenue

11.9

%

13.5

%

11.3

%

12.1

%

Revenue for Cable Communications increased 5.4% to $11.0
billion in the second quarter of 2014 compared to $10.5 billion in the
second quarter of 2013, driven by increases of 9.7% in high-speed
Internet and 22.4% in business services. The increase in Cable revenue
reflects rate adjustments, customers receiving higher levels of services
and customer growth (see below).

For the six months ended June 30, 2014, Cable revenue increased 5.3% to
$21.8 billion compared to $20.7 billion in 2013.

Customer relationships decreased by 25,000 to 26.8 millionduring the second quarter of 2014, a 62% improvement compared to
a decline of 66,000 during the second quarter of 2013. At the end of the
second quarter, penetration of our triple product customers increased to
36% compared to 34% in the second quarter of 2013. High-speed Internet
customer net additions improved versus last year and were the strongest
for a second quarter in six years. Video customer net losses improved
year-over-year and were also the best result for a second quarter in six
years.

Customers

Net Adds

Billable Customers Method4 (in thousands)

2Q13

2Q14

2Q13

2Q14

Video Customers

22,658

22,457

(162

)

(144

)

High-Speed Internet Customers

19,986

21,271

187

203

Voice Customers

10,327

11,003

161

137

Single Product Customers

9,044

8,510

(162

)

(95

)

Double Product Customers

8,505

8,574

(63

)

(82

)

Triple Product Customers

8,980

9,691

159

152

Customer Relationships

26,529

26,775

(66

)

(25

)

Operating Cash Flow for Cable Communications increased
5.3% to $4.6 billion in the second quarter of 2014 compared to $4.3
billion in the second quarter of 2013, reflecting higher revenue,
partially offset by a 5.4% increase in operating expenses primarily
related to higher video programming costs. This quarter's operating cash
flow margin was 41.4%, consistent with the prior year period.

Revenue for NBCUniversal increased 0.3% to $6.0 billion in
the second quarter of 2014 compared to last year's second quarter as
revenue growth in Broadcast Television, Theme Parks and Cable Networks
was mostly offset by lower theatrical revenue in the Filmed
Entertainment segment. Operating Cash Flow increased 20.4%
to $1.4 billion compared to $1.2 billion in the second quarter of 2013,
with improvement across all segments.

For the six months ended June 30, 2014, NBCUniversal revenue increased
13.7% to $12.9 billion compared to $11.3 billion in 2013. Excluding $1.1
billion of revenue generated by the Sochi Olympics in the first quarter
of 2014, NBCUniversal revenue increased 4.0% (see Table 5). Operating
cash flow increased 28.0% to $2.7 billion compared to $2.1 billion in
the first six months of 2013.

Cable Networks

For the second quarter of 2014, revenue from the Cable Networks segment
increased 2.6% to $2.5 billion compared to $2.4 billion in the second
quarter of 2013, reflecting a 4.2% increase in distribution revenue and
a 14.3% increase in content licensing and other revenue, partially
offset by a 2.2% decline in advertising revenue. Operating cash flow
increased 6.3% to $914 million compared to $860 million in the second
quarter of 2013, reflecting higher revenue and moderate expense growth,
with continued investment in programming.

For the six months ended June 30, 2014, revenue from the Cable Networks
segment increased 7.4% to $5.0 billion compared to $4.6 billion in 2013.
Excluding $257 million of revenue generated by the Sochi Olympics in the
first quarter of 2014, revenue increased 1.9%. Operating cash flow
increased 5.3% to $1.8 billion compared to $1.7 billion in the first six
months of 2013.

Broadcast Television

For the second quarter of 2014, revenue from the Broadcast Television
segment increased 4.9% to $1.8 billion compared to $1.7 billion in the
second quarter of 2013, driven by higher retransmission consent fees, as
well as content licensing agreements, partially offset by a 1.7%
decrease in advertising revenue due to fewer hours of The Voice compared
to the same period a year ago. Operating cash flow increased 16.2% to
$240 million compared to $206 million in the second quarter of 2013,
reflecting higher revenue and a slight increase in operating costs and
expenses.

For the six months ended June 30, 2014, revenue from the Broadcast
Television segment increased 36.6% to $4.4 billion compared to $3.2
billion in 2013. Excluding $846 million of revenue generated by the
Sochi Olympics in the first quarter of 2014, revenue increased 10.5%
(see Table 5). Operating cash flow increased $191 million to $362
million compared to $171 million in the first six months of 2013.

Filmed Entertainment

For the second quarter of 2014, revenue from the Filmed Entertainment
segment decreased 15.3% to $1.2 billion compared to $1.4 billion in the
second quarter of 2013, reflecting lower theatrical revenue from fewer
releases in the second quarter compared to the same period last year,
partially offset by higher content licensing revenue, as well as higher
home entertainment revenue from the strong performances of Ride Along and
Lone Survivor. Operating cash flow increased $162 million to $195
million compared to $33 million in the second quarter of 2013,
reflecting a decrease in the amortization of film costs and reduced
advertising, marketing and promotion expense due to a smaller film slate.

For the six months ended June 30, 2014, revenue from the Filmed
Entertainment segment decreased 3.0% to $2.5 billion compared to $2.6
billion in 2013. Operating cash flow increased $381 million to $483
million compared to $102 million in the first six months of 2013.

Theme Parks

For the second quarter of 2014, revenue from the Theme Parks segment
increased 12.8% to $615 million compared to $546 million in the second
quarter of 2013, driven by higher guest attendance and per capita
spending at the Orlando and Hollywood theme parks, which benefitted, in
part, from the timing of Spring holidays. Second quarter operating cash
flow increased 5.6% to $244 million compared to $231 million in the same
period last year, reflecting higher revenue, offset in part by
additional costs related to marketing and training to support the
opening of Orlando's The Wizarding World of Harry PotterTM
- Diagon AlleyTM, which officially opened on July 8th.

For the six months ended June 30, 2014, revenue from the Theme Parks
segment increased 9.4% to $1.1 billion compared to $1.0 billion in 2013.
Operating cash flow increased 2.5% to $414 million compared to $404
million in the first six months of 2013.

Headquarters, Other and Eliminations

NBCUniversal Headquarters, Other and Eliminations include overhead and
eliminations among the NBCUniversal businesses. For the quarter ended
June 30, 2014, NBCUniversal Headquarters, Other and Eliminations
operating cash flow loss was $159 million compared to a loss of $139
million in the second quarter of 2013, reflecting higher employee costs.

For the six months ended June 30, 2014, NBCUniversal Headquarters, Other
and Eliminations operating cash flow loss was $323 million compared to a
loss of $252 million in 2013.

Corporate, Other and Eliminations

Corporate, Other and Eliminations primarily include corporate
operations, Comcast-Spectacor and eliminations among Comcast's
businesses. For the quarter ended June 30, 2014, Corporate, Other and
Eliminations revenue was ($201) million compared to ($192) million in
2013. The operating cash flow loss was $194 million, including $44
million of costs related to the Time Warner Cable and Charter
transactions, compared to a loss of $101 million in the second quarter
of 2013.

For the six months ended June 30, 2014, Corporate, Other and
Eliminations revenue was ($426) million compared to ($439) million in
2013. The operating cash flow loss was $367 million, including $61
million of transaction-related costs, compared to a loss of $239 million
in the first six months of 2013.

Notes:

1

We define Operating Cash Flow as operating income (loss) before
depreciation and amortization, excluding impairment charges related
to fixed and intangible assets and gains or losses on the sale of
assets, if any.

2

Earnings per share amounts are presented on a diluted basis.

3

We define Free Cash Flow as Net Cash Provided by Operating
Activities (as stated in our Consolidated Statement of Cash Flows)
reduced by capital expenditures, cash paid for intangible assets
and cash distributions to noncontrolling interests; and adjusted
for any payments and receipts related to certain nonoperating
items, net of estimated tax effects. The definition of Free Cash
Flow excludes any impact from Economic Stimulus packages. These
amounts have been excluded from Free Cash Flow to provide an
appropriate comparison.

4

Beginning in 2014, our Cable Communications segment revised its
methodology for counting customers related to how we count and
report customers who reside in multiple dwelling units ("MDUs") that
are billed under bulk contracts (the "Billable Customers Method").
For MDUs whose residents have the ability to receive additional
cable services, such as additional programming choices or our HD or
DVR services, we now count and report customers based on the number
of potential billable relationships within each MDU. For MDUs whose
residents are not able to receive additional cable services, the MDU
is now counted as a single customer. Previously, we had counted and
reported these customers on an equivalent billing unit basis by
dividing monthly revenue received under an MDU's bulk contract by
the standard monthly residential rate where the MDU was located (the
"EBU Method"). Video customer metrics for 2013 are now presented on
the Billable Customers Method to provide an appropriate comparison.
For high-speed Internet and voice customers, the differences in the
customer metrics using the Billable Customers Method and the EBU
Method were not material and 2013 data has not been adjusted.

All percentages are calculated on whole numbers. Minor differences
may exist due to rounding.

Conference Call and Other Information

Comcast Corporation will host a conference call with the financial
community today, July 22, 2014 at 8:30 a.m. Eastern Time (ET). The
conference call and related materials will be broadcast live and posted
on its Investor Relations website at www.cmcsa.com
or www.cmcsk.com.
Those parties interested in participating via telephone should dial
(800) 263-8495 with the conference ID number 57489596. A replay of the
call will be available starting at 12:30 p.m. ET on July 22, 2014, on
the Investor Relations website or by telephone. To access the telephone
replay, which will be available until Tuesday, July 29, 2014 at midnight
ET, please dial (855) 859-2056 and enter the conference ID number
57489596.

This press release contains forward-looking statements. Readers are
cautioned that such forward-looking statements involve risks and
uncertainties that could cause actual events or our actual results to
differ materially from those expressed in any such forward-looking
statements. Readers are directed to Comcast's periodic and other reports
filed with the Securities and Exchange Commission (SEC) for a
description of such risks and uncertainties. We undertake no obligation
to update any forward-looking statements.

Non-GAAP Financial Measures

In this discussion, we sometimes refer to financial measures that are
not presented according to generally accepted accounting principles in
the U.S. (GAAP). Certain of these measures are considered "non-GAAP
financial measures" under the SEC regulations; those rules require the
supplemental explanations and reconciliations that are in Comcast's Form
8-K (Quarterly Earnings Release) furnished to the SEC.

About Comcast Corporation

Comcast Corporation (Nasdaq: CMCSA, CMCSK) is a global media and
technology company with two primary businesses, Comcast Cable and
NBCUniversal. Comcast Cable is the nation's largest video, high-speed
Internet and phone provider to residential customers under the XFINITY
brand and also provides these services to businesses. NBCUniversal
operates 30 news, entertainment and sports cable networks, the NBC and
Telemundo broadcast networks, television production operations,
television station groups, Universal Pictures and Universal Parks and
Resorts. Visit www.comcastcorporation.com
for more information.

Nonoperating items include adjustments for cash taxes paid related
to certain investing and financing transactions, to reflect cash
taxes paid in the year of the related taxable income and to exclude
the impacts of Economic Stimulus packages.

(2)

Based on diluted weighted-average number of common shares for the
respective periods as presented in Table 1.

(3)

2nd quarter 2014 net income attributable to Comcast Corporation
includes $74 million of investment income, $47 million net of tax,
resulting from the sale of an investment. 2014 year to date net
income attributable to Comcast Corporation includes $154 million of
investment income, $97 million net of tax, resulting from sales of
investments.

(4)

2014 year to date net income attributable to Comcast Corporation
includes $27 million of other income, resulting from the favorable
resolution of a contingency related to the AT&T Broadband
transaction.

(5)

2nd quarter 2014 net income attributable to Comcast Corporation
includes $44 million of operating costs and expenses, $27 million
net of tax, related to the Time Warner Cable and Charter
transactions. 2014 year to date net income attributable to Comcast
Corporation includes $61 million of operating costs and expenses,
$38 million net of tax, related to the Time Warner Cable and Charter
transactions.

(6)

2013 year to date net income attributable to Comcast Corporation
includes $108 million of other income, $67 million net of tax,
resulting from a gain on the sale of wireless spectrum licenses.